Binance partners with Spanish bank BBVA to enhance the security of customer asset custody

According to news from Hash World, reported by the Financial Times in the UK, Binance is collaborating with Banco Bilbao Vizcaya Argentaria (BBVA) to allow customers to custody their assets at the bank rather than within the exchange. This is a new initiative by Binance to soothe investors following a record $4.3 billion fine imposed by U.S. authorities in 2023. BBVA, Spain's third-largest bank, has recently started providing services to Binance as one of the few independent custodians. This move aims to alleviate investors' concerns about the security of exchanges, especially after the FTX bankruptcy incident in 2022. BBVA's brand recognition is higher than that of Binance's current partners, which may enhance user trust. According to the collaboration arrangement, traders' funds will be stored in the form of U.S. Treasury bonds at BBVA, while Binance will accept these assets as trading collateral.